Skye Bioscience (SKYE) AI Stock Analysis

• Market Cap: $32.70M
• Dividend Yield: N/A
• Average Volume (3M): 480.18K
• Price to Earnings (P/E): ―
• Beta (1Y): 3.08
• Revenue Growth: N/A
• EPS Growth: -53.18%
• Country: US
• Employees: 16
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.32
• Shares Outstanding: 32,057,460
• 10 Day Avg. Volume: 518,928
• 30 Day Avg. Volume: 480,175
• PEG Ratio: 0.04
• Price to Book (P/B): 1.52
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.85
• Enterprise Value/Market Cap: 3.70
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -2.39
• 1Y Price Target: $11.25
• Price Target Upside: 1002.94% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): -1.02
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: $1.00 ▼(-1.96% Downside)

The score is held down primarily by weak financial performance (no revenue, widening losses, and persistent cash burn) and bearish technicals (below key moving averages with negative MACD). These are partially offset by a constructive earnings-call backdrop (cash runway into 2027 and encouraging Phase 2a combination data) and a positive delivery-technology partnership, while valuation inputs provide limited support due to negative earnings and no dividend yield.

Positive Factors

Strategic delivery partnership

Non‑exclusive ENHANZE licensing addresses a structural delivery constraint by enabling larger subcutaneous injection volumes and supporting higher dose evaluation. This partnership materially improves clinical scalability and potential patient convenience, strengthening commercialization pathways if trials succeed.

Combination clinical efficacy and durability

Statistically significant additive weight loss and durable post‑treatment effects indicate nimacimab may fill gaps in obesity care as an adjunct to GLP‑1s. Durable, safety‑positive combo data underpin a longer‑term market role beyond short‑term sales spikes if replicated in larger trials.

Low leverage and positive equity

Minimal debt and restored positive equity reduce solvency risk and give management flexibility to pursue costly clinical programs. A stronger capital structure supports R&D continuity and partnership negotiations over the medium term, mitigating some financing pressure.

Negative Factors

Pre-revenue with widening losses

No product revenue and accelerating net losses mean value creation is wholly tied to clinical outcomes. Persistent negative profitability erodes capital, raises dilution risk through future financings, and constrains long‑term investment flexibility if development timelines slip.

Material negative cash generation and burn

Highly negative and volatile cash flows indicate the company cannot self‑fund development long term. This structural burn necessitates recurrent financing, which can dilute shareholders, alter strategic priorities, and increase execution risk during pivotal mid‑stage trials.

Monotherapy efficacy and dosing uncertainty

Failure to meet monotherapy endpoints at tested dose raises uncertainty about dose, formulation and manufacturing scale. Need for higher dosing complicates development, could increase costs and safety testing, and delays clear regulatory positioning versus pursuing combination indications.

Skye Bioscience Business Overview & Revenue Model

Company Description

Skye Bioscience, Inc., a biopharmaceutical company, discovers, develops, and commercializes cannabinoid-based molecules for the treatment of infectious diseases. The company's lead product candidate is SBI-100, which is in Phase I trials for the treatment of glaucoma and ocular hypertension. It is also developing SBI-200 that is in preclinical trials to treat and manage various eye diseases, including uveitis, dry eye syndrome, macular degeneration and diabetic retinopathy. The company was formerly known as Emerald Bioscience, Inc. and changed its name to Skye Bioscience, Inc. in January 2021. Skye Bioscience, Inc. was founded in 2012 and is headquartered in San Diego, California.

How the Company Makes Money

Skye Bioscience generates revenue through the development and eventual commercialization of its pharmaceutical products, which are primarily aimed at treating ocular diseases. The company's revenue model is built on the successful advancement of its drug candidates through clinical trials, regulatory approvals, and subsequent market entry. Key revenue streams include potential milestone payments and royalties from partnerships with larger pharmaceutical companies, as well as direct sales of approved products. Strategic collaborations and licensing agreements also play a crucial role in funding research and development activities, which are critical to advancing the company's drug pipeline. However, as of the current data, Skye Bioscience may still be in the pre-revenue stage, focusing on research and development efforts to bring its drug candidates to market.

Skye Bioscience Financial Statement Overview

Summary

Skye Bioscience faces significant financial challenges typical of a biotech firm in its early stages, with zero revenue and consistent losses. Recent financing efforts have improved cash reserves, but the company's long-term success relies on revenue generation and cost management.

Income Statement

Skye Bioscience exhibits significant challenges in its income statement, primarily due to consistently zero revenue and substantial net losses over recent years. The lack of revenue growth and negative profit margins highlight the financial stresses typical in the biotechnology industry, especially for companies in the developmental stage.

Balance Sheet

The balance sheet shows a positive trend with significant growth in stockholders' equity in the latest year, driven by substantial financing activities. However, the company still faces high liabilities relative to its assets, as evidenced by the historical negative equity until the most recent year. The low debt level and increasing cash position are positives, providing some financial stability.

Cash Flow

Cash flow performance is weak, with consistently negative operating and free cash flows. However, the company has managed to secure substantial financing, which has improved its cash position. The free cash flow remains negative, indicating ongoing operational challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	0.00	0.00	-1.87K
EBITDA	-50.55M	-25.29M	-36.62M	-18.70M	-7.72M	-5.85M
Net Income	-51.23M	-26.57M	-37.64M	-19.48M	-8.52M	-6.56M
Balance Sheet
Total Assets	41.32M	72.76M	11.94M	9.11M	9.86M	2.67M
Cash, Cash Equivalents and Short-Term Investments	35.31M	68.42M	1.26M	1.24M	8.98M	2.47M
Total Debt	321.85K	455.59K	4.62M	1.98M	2.14M	1.50M
Total Liabilities	8.49M	4.61M	14.07M	12.12M	3.99M	2.22M
Stockholders Equity	32.84M	68.15M	-2.13M	-3.01M	5.86M	450.79K
Cash Flow
Free Cash Flow	-9.22B	-26.84M	-13.96M	-12.77M	-6.57M	-6.06M
Operating Cash Flow	-9.22B	-25.24M	-13.95M	-12.74M	-6.47M	-6.05M
Investing Cash Flow	-12.81B	-245.62K	6.60M	5.21M	-90.87K	-7.23K
Financing Cash Flow	23.78K	83.56M	16.44M	-208.79K	13.08M	6.70M

Skye Bioscience Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.02
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SKYE, the sentiment is Negative. The current price of 1.02 is above the 20-day moving average (MA) of 0.92, below the 50-day MA of 1.14, and below the 200-day MA of 2.37, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 45.95 is Neutral, neither overbought nor oversold. The STOCH value of 57.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SKYE.

Skye Bioscience Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LTRN	52 Neutral	$39.59M	-2.00	-104.58%	―	―	1.18%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SKYE	48 Neutral	$32.70M	-0.75	-94.31%	―	―	-53.18%
BTAI	47 Neutral	$43.52M	-0.20	―	―	-66.96%	71.83%
INMB	46 Neutral	$40.94M	-0.76	-155.77%	―	19.05%	2.01%
ATNM	45 Neutral	$41.49M	-1.18	-133.09%	―	11.11%	20.65%
OTLK	42 Neutral	$34.62M	-0.48	―	―	―	86.28%

Skye Bioscience Corporate Events

Skye Bioscience Collaborates with Halozyme on Nimacimab Delivery

On December 18, 2025, Skye Bioscience, Inc. entered into a non-exclusive collaboration and license agreement with Halozyme, Inc. to use Halozyme’s ENHANZE drug delivery technology to develop a subcutaneous formulation of Skye’s antibody nimacimab, with Halozyme serving as the exclusive supplier of clinical and commercial rHuPH20 bulk drug product. The deal includes milestone payments tied to development, commercialization, and net sales thresholds, along with mid-single-digit royalties on global sales, reflecting a standard biotech licensing structure that could enhance Skye’s ability to deliver nimacimab more conveniently to patients and potentially strengthen its competitive position if the product advances successfully.

The most recent analyst rating on (SKYE) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Skye Bioscience stock, see the SKYE Stock Forecast page.